On June 1, 2019, Jihyo obtained a 10% interest in an investee for $2,400,000. The investment was accounted for using the cost method. Jihyo acquired a further 15% interest in the investee for $5,400,000 on January 1, 2020. On such date, the carrying value of the net assets of the investee was $28,800,000 and the fair value of the 10% interest was $3,600,000. The fair value of the net assets of the investee is equal to carrying amount except for an equipment whose fair value exceeds carrying amount by $3,200,000. The equipment has a remaining life of 5 years. The investee reported net income of $6,400,000 for 2020 and paid dividend of $4,000,000 on December 31, 2020. On December 31, 2020, how much is the carrying amount of the investment in associate?